Cerrado Gold (CERT) 96th Emerging Growth Conference summary

Strategic growth and production outlook

• Current gold production at Minera Don Nicolás in Argentina is expected to reach the upper end of 50,000–60,000 ounces this year, with plans to surpass 60,000 ounces next year and target 100,000 ounces in coming years through underground expansion and exploration.

• Extensive drilling programs (50,000 m surface, 20,000 m underground) and the Falcón acquisition aim to extend mine life and increase high-grade resources, with an updated PEA expected in Q1 next year.

• Lagoa Salgada in Portugal is advancing with an updated feasibility study and permit submissions, targeting construction start by late 2025 and improved project economics due to higher metal prices and optimized metallurgy.

• Mont Sorcier in Quebec is progressing toward a feasibility study in H1 2025, with trade-off studies evaluating optimal iron concentrate grade and drilling to enhance project economics; construction is targeted for 2029 with production by 2031.

• Combined, these projects are projected to drive gold-equivalent production from 55,000 ounces to over 300,000 ounces and significantly increase annual cash flow over the next five years.

Financial position and capital allocation

• Cash balance at the end of June was CAD 25 million, with an additional CAD 15 million expected from asset sales and options.

• Recent CAD 10 million private placement from Eric Sprott and strong ongoing cash flow support project development without further dilution.

• Market cap stands at CAD 364 million, with 142 million shares outstanding and a free float of 68%.

• Analyst coverage averages a target price of CAD 3.80, and management/institutional ownership is about 33%.

• Capital allocation emphasizes disciplined funding, debt repayment, and shareholder returns.

Project development and permitting updates

• Updated PEA for Minera Don Nicolás is expected in Q1 2027, targeting a five to six-year mine life and extended production.

• Lagoa Salgada's feasibility study and permits are expected by mid-2025, with construction to follow and free cash flow projected to exceed CAD 100 million annually at current metal prices.

• Mont Sorcier's feasibility study will incorporate trade-off studies on product grade and strip ratio, with potential for a 21–50 year mine life and significant cash flow.

• Permitting for Lagoa Salgada is progressing positively after addressing water-related concerns, with concurrent environmental and construction permit submissions to expedite approval.

• Financing for future projects is being arranged with international banks and export credit agencies, leveraging strong internal cash flow.